News

New Jersey Housing Market Predictions for 2019

There’s some great news on the horizon: the New Jersey property market is looking strong for 2019. Part of the reason why this is the case is because 2018 was a good year for NJ and there is already a shortage of properties going into the spring season. An inventory shortage means higher demand and higher prices. Plus, the unemployment rate in NJ is low, so this should help out with the housing market as well.

Knowing that we have a lot of positive trends to look forward to, here are our New Jersey housing market predictions for 2019. Buckle up!

Move-in ready homes are highly desirable because buyers can move in over the weekend and not have to worry about painting, replacing carpet, installing lights, etc. The most in-demand features are open layouts, hardwood flooring, and white kitchens. Millennials also look for homes that are located near trains, shopping, and town centers.

Home prices are expected to climb over the next months, especially as we move into spring and summer. In November 2018, the median home value in New Jersey was around $321,000. Zillow also predicted that the median home value in NJ would rise by almost 6.8% over the next year. Increasing home prices and low interest rates should drive in more of those “on the fence” buyers.

Final Thoughts

It’s clear that we have a lot to look forward to in the coming year. Prices are on the rise, interest rates are low, and underwriting standards have eased up. Move-in ready homes that have the latest features will be most attractive to buyers, so it’s worth knocking down walls, painting cabinets white and installing hardwood flooring before listing. Of course, the biggest factor is location, as millennials want properties that are centrally located and accessible to big cities.